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vhanzhelele
Nov 24, 2014, 07:12 AM
The trustee financed a property on behalf of the trust for 550 000 with interest payable to the trustee of 9.25% over 5 years. What are the journal entries for this transaction?

paraclete
Nov 24, 2014, 09:07 PM
Debit Property, Credit loan debt

At balance date you will accrue or adjust interest
Debit interest expense, credit accrued interest
When paid
Debit Interest credit cash